New Federal Securities Cases
A class action has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired KIT Digital, Inc. (Nasdaq: KITD) ("KIT" or the "Company") common stock during the period between May 19, 2009 through November 21, 2012 (the "Class Period").
The lawsuit alleges that Defendants, made false and misleading statements and omissions regarding the Company's internal financial controls and its accounting for revenue primarily relating to certain perpetual software license agreements. These statements are alleged to have been false and misleading when made because: (i) the Company was suffering from grossly deficient internal controls and therefore was susceptible to accounting fraud; (ii) Defendants failed to disclose the true nature of the accounting irregularities regarding their tax issues and loan provisions; and (iii) the Company's financial statements were inaccurate in numerous material respects.
If you acquired KIT Digital securities during the Class Period, you may, no later than January 29, 2013, request that the Court appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us.
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